Cyanotech reports Q1 EPS 9c vs. (12c) last year
Reports Q1 revenue $8.81M vs. $7.32M last year. The company said, "We are seeing positive results from the many changes we put in place during the last fiscal year. Our results this quarter reflected our continuing strategic focus on marketing our Nutrex Hawaii branded products at retail, as well as improved production practices and reduction in our cost structure. Net sales increased 20% for the quarter, driven by a 42% increase in our packaged products, offset by a 34% decrease in bulk sales. The increase in sales of our packaged products was the result of our continued focus on strategic channels. Sales of our packaged astaxanthin increased 51%, which is primarily the result of increased sales to Costco. Sales growth at Amazon contributed to a 22% increase in our packaged spirulina sales. Due to inventory shortages following low spirulina production in the fourth quarter of fiscal 2017 we were not able to fulfill all of the demand for packaged spirulina products this quarter. Compared to the fourth quarter of fiscal 2017, sales to Costco increased 100% and sales to Amazon increased 149%, the latter driven mainly by an inventory build. We achieved these results without increasing our year-over-year sales and marketing operating expenses."